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THC Biomed Intl Ltd (OTCQB:THCBF) Reports THC2GO DISPENSARIES

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THC Biomed Intl Ltd (OTCQB:THCBF) reported the establishment of THC2GO Dispensaries. The company, through its 100% owned subsidiary unit “THC2GO Dispensaries”, has started the application procedure to turn a cannabis retailer in Manitoba. This subsidiary plans to apply for retail outlets in Canadian provinces that allows private cannabis retail outlets.

The details

THC Biomed also completed an increased draw down of $400,000 as per its previously reported investment deal with Alumina Partners (Ontario) Ltd. The firm issued to Alumina as many as 666,666 units at a price of $0.60 a unit, for aggregate value of $400,000. Each unit comprises of one common share as well as one purchase warrant. Each warrant allows the holder to buy a common share of the firm for a period of 3 years from closing at a rate of $0.9375 per share.

The funds raised via the private placement will be expended towards expanding THC Biomed’s facilities and also for general working purposes. This brings the total generated via the Alumina private placements to $2.2 million.

THC Biomed’s goal is to be on the leading edge of development of services and products, and scientific research pertaining to the medical cannabis segment while establishing a standard of excellence. As the market advances, it will become more vital to focus on scientific R&D of services and products pertaining to medical cannabis. Management considers the company is well positioned to become the leader in this fast growing industry. Earlier in the month of August, the company received consent from Health Canada in respect to selling dried marihuana to registered peoples under the ACMPR.

In the last trading session, the stock price of THC Biomed declined more than 1% to close the day at $0.5678. The decline came at a share volume of 44,498 compared to average share volume of 75,969.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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